IORP II Directive
Wed Jan 23 2019
The IORP II Directive is being transposed into Irish Law in early 2019. Brokers Ireland recently met with the Pensions Authority to discuss the transition of IORP II. The Pensions Authority stated that when the transposition happens, they will provide clear communication on the requirements and timelines that Trustees will be required to adhere to and the implications.
The Directive provides for pension scheme standards including:
Governance – Trustees must have policies and procedures in place for all significant activities and must be able to demonstrate compliance with those systems and policies. All material should be retained and available for inspection and audit by the Authority.
Communications – Information to be provided to active members prospective members, deferred members, those nearing retirement and pensioners.
More information on IORP II can be found at https://www.pensionsauthority.ie/en/News_Press/News_Press_Archive/IORP_II_Considerations_for_Trustees_1.pdf